Cryptocurrency analyst Pentoshi, who has over 500,000 followers on Twitter and is part of the Pudgy Penguins Advisory Board, expressed his views on the Bitcoin and altcoin season in a statement on Twitter.
He said that if there is to be an altcoin season, it should happen in the next 2-4 weeks and that he thinks Bitcoin should be sideways.
He explained that this is due to the historical context of both Bitcoin and Bitcoin dominance positions and altcoins being close to their 2017/18 peaks.
In his statement, Pentoshi also touched upon the recent BTCs purchased by MicroStrategy. He said he thinks Saylor owns too much Bitcoin, and he's probably on loan for most of it, and he'll have to make quite a few sales to pay it back.
Michael Saylor announced in a filing with the Securities and Exchange Commission (SEC) on Wednesday that he had purchased 1,045 Bitcoins for approximately $29.3 million in cash. The company had purchased these BTCs at an average of $28,016.
According to the SEC filing, the company raised $11.8 million for the first time in December by selling 704 Bitcoins at an average price of $16,776, but bought more BTC soon after. It was announced that the sale transaction was a tax-related situation.
*Not investment advice.